MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	MODAPELL AG

Registered Office :	Lohwisstrasse 46, 8123 Ebmatingen/ZH

Country :	Switzerland

Date of Incorporation :	09.03.1984

Com. Reg. No.:	020.3.917.791-5 / 120790

Legal Form :	Company limited by shares

Line of Business :	engaged trading of leather goods and footwear as well as accounts of agency contracts for the products.

No of Employees :	02 (Estimated)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Switzerland

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Switzerland ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy began to recover in 2010. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year during 2011-13. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name

Modapell AG

Operating address

Lohwisstrasse 46

8123 Ebmatingen/ZH

Switzerland/CH

Telephone: 044 9804933

Fax: 044 9805146

Mobile: 079 4673314

E-mail: bags@modapell.ch

VAT-No

CHE103703676

Profile

Established: 1984

Line of Business: Retail stores

Industry Division: Retail trade

Industry-code (NACE): 4772 Retail sale of footwear and leather goods in specialised stores

Import/Export: Import

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Financial year: 2014

Employees: 2

Sales: CHF 850,000.--

Activity

The business includes trading in leather goods and footwear as well as accounts of agency contracts for the products.

Brands: Gabor Bags, Tom Tailor.

Real Estate

Real Estate: The company owns no property.

Company Register

Company No: 020.3.917.791-5 / 120790

Legal form: Company limited by shares

Registration: 09.03.1984

Legal status: active

Responsible Register: Handelsregister des Kantons Zürich

History: Date of Statutes: 22.06.2010

Date of Statutes: 21.05.1999

Date of Statutes: 04.08.1997

Date of Incorporation Statutes: 02.03.1984

Entry Deleted Name

21.01.1987 Modapell AG

Entry Deleted Legal domicile

03.06.1999 Maur, Switzerland

21.01.1987 03.06.1999 Fällanden, Switzerland

Entry Deleted Address

03.06.1999 Lohwisstrasse 46, 8123 Ebmatingen, Switzerland/CH

25.08.1993 03.06.1999 Bruggacherstrasse 24/3, 8117 Fällanden, Switzerland/CH

21.01.1987 25.08.1993 Im Zentrum, 8121 Benglen, Switzerland/CH

Entry Deleted Capital

02.09.1997 Share Capital CHF 100,000, paidup CHF 50,000

Entry Deleted Capital Structure

07.07.2010 100 Registered shares of CHF 1,000.--

10.06.1999 07.07.2010 100 Bearer shares of CHF 1,000.--

Official Administration

Title Name

Director Jaroslav Stanik

Citizen: Fällanden, Switzerland

Residential address: 8124 Maur, Switzerland

single signature

Registered since: 21.01.1987

Executive board

Title Name

Chief Executive Officer Jaroslav Stanik

Owner/-s

No. of Owner/-s: 1

Owner: The company is privately owned.

Class: 100%

Type: direct

Name: Jaroslav Stanik

City/Country: Maur, Switzerland/CH

Interest: 100,00% voting right, 100,00% capital interest (since 19.03.1984)

Investments

It is believed that the company has no investments.

Legal Actions

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted

any insight into the financial affairs. It is therefore difficult to make a proper assessment

of the actual situation.

Financial Situation: The financial situation is difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.75

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.